NASD fines HSBC Brokerage over supervision failure

WASHINGTON (MarketWatch) -- Private-sector securities regulator NASD fined HSBC Brokerage $250,000 for alleged failure to have adequate systems in place to supervise government securities transactions to ensure "best execution," NASD said Tuesday. NASD also said the brokerage routed orders to HSBC Securities without taking adequate steps to make sure customers wouldn't be harmed in the pricing of securities. NASD's findings cover a period between 2003 and 2004. HSBC Brokerage merged with HSBC Securities in April 2005. The combined firm is now called HSBC Securities. The brokerage consented to NASD's findings but didn't admit or deny them.

Intraday Data provided by SIX Financial Information and subject to terms of use.
Historical and current end-of-day data provided by SIX Financial Information.
All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only.
Intraday data delayed at least 15 minutes or per exchange requirements.